KARACHI, Feb 7: Cotton prices on Wednesday remained stable around the previous levels despite revival of mill buying as ginners appear to be willing sellers around the current levels.

However, there was no panic among the spinners and the mills despite a short crop and fears of an imminent price flare-up as all eyes are now focused on import from India via overland route, brokers said.

They said government is expected to accept the spinners demand in due course but after having a fair idea of the total crop, which may surpass the 12m bales figure in the final count.

“The ruling prices are in line with the spinner parity levels after the recent decline in New York cotton futures, which in turn has stabilising impact on the local rates,” they added.

About 10,000 bales changed hands but most of the deals were linked to quality premiums depending lot to lot. While fine lots from the southern Punjab belt were traded as higher as Rs2,600 to Rs2,620 per maund, inferior lots from the central Punjab were sold between Rs2,300 to 2,400 per maund.

Similar purchase prices were offered by the spinners for the central Punjab lint as most of the deals were finalised at Rs2,430 on the lower side and Rs2,520 on the higher side.

A sharp decline in the mill ready off-take reflects that both the sellers and the buyers are in no haste despite the fact lower crop ideas could push prices further higher towards the fag-end of the season, market sources said.

It was in this background that official spot rates were held unchanged at the last levels but in the ready section most of the deals were finalised on quality basis.

New York cotton futures on the other hand fell by 96 and 1.25 cents per lb at 53.67 and 54 for the ruling March and the forward May contracts, respectively.

About 10,000 bales changed hands in the ready section, notable deals among them being as under:

SINDH TYPE: 1,500 bales, Dadu at Rs2,430 to Rs2,515, 400 bales, Akri at Rs2,465 and 200 bales, Mirpurkhas at Rs2,520.